AUDITING SERVICES
APPA & ASSOCIATES
CONCURRENT AUDIT SERVICES
The activities of mutual fund houses, financial institutions, and especially banks and their risk profiles are growing complex day by day.
This is because of the increasing sophistication of various financial technology and the globalization and deregulation of financial services. As the banking services are developing with passing time, the risk factor is increasing as well. However, when it comes to the efficiency of companies and especially banks, it is calculated on their skills of management of risks. Therefore to manage risk and to gain control over operations, one must perform all the steps one might need to prevent the risk of fraud and error. The process of controlling is supplemented with an effective concurrent audit service like the one we offer at APPA & ASSOCIATES. The concurrent audit of banks ensure that relevant regulatory requirements are met, and financial transactions are accurately processed.
WHAT IS A CONCURRENT AUDIT?
A concurrent audit or bank audit can be defined as a timely and systematic examination of the entity’s financial transactions to ensure accuracy, authenticity, and compliance with relevant regulatory requirements. Since the volume of transactions is very high, it is done on a regular basis. As concurrent auditing is contemporaneous with the transactions occurring, the process becomes a bit complex.
COMPLIANCE AUDIT
Change is the only constant.
The regulatory compliances keep changing very frequently. It sometimes gets difficult for companies to keep track of them. When an organization fails to do that, there could be some serious consequences, even leading to heavy penalties and fines. APPA & ASSOCIATES provides compliance audit services in Ahmedabad to help companies remain compliant with various regulatory requirements.
WHAT IS A COMPLIANCE AUDIT
Compliance auditing is an independent evaluation of an organization to ensure that it is following rules, regulations, and external laws or internal guidelines, controls, and policies and procedures. It also determines whether or not the company is conforming to an agreement. The agreement could be related to some funding by a government or other entity, grants etc. It is in the interest of the companies to carry out compliance auditing regularly to avoid future problems.
This audit also reviews compliance with HR, IT and security issues, quality management, etc. Depending upon the type of organization, different approaches are made. For example, if you are a financial institution, then compliance regarding personal data, disaster recovery, or information recovery is reviewed. If you want to have a compliance audit for medical facilities, then compliance requirements may need information regarding IT infrastructure, software applications, privacy, data storage, and protection.
FORENSIC AUDIT
Corporate fraud has been a serious risk to businesses of all sizes and types.
Some of the recent cases of large corporate frauds have shown that dishonesty is prevalent everywhere, and it affects the profitability, efficiency, and reputation of the organization. Forensic auditing includes a vast spectrum of activities, and it is not limited to regulatory guidance. It is a very specialist type of auditing, and it requires a team of highly skilled forensic auditors to carry out the fraud investigation. The process of forensic auditing is a very sensitive one and requires cooperation from both the client and the forensic auditor. We are here to assist you through every step of forensic accounting and forensic auditing to make it a straightforward process.
WHAT IS FORENSIC AUDIT
Forensic auditing is defined as an examination and investigation of a firm or individual’s financial statements and records to find evidence that can later be used in the court of law. There are various reasons for conducting forensic auditings, such as for prosecuting someone for embezzlement, financial crimes, or fraud.
The process of forensic auditing is most likely to be similar to other types of auditing, as it includes phases like planning, investigating, reviewing, and reporting to the client. The reason as to why the investigation is conducted is to discover if the fraud actually took place, and if it did who were involved, to quantify the monetary loss and finally present the record to the client and ultimately to the court.
Therefore, in simple words, it can be concluded that forensic auditing is a procedure carried out to produce evidence. The auditing techniques helps in identifying and gathering evidence to prove various aspects like duration, the involvement of people and quantity of loss, etc.
GST AUDIT
With more than three years since the implementation of goods and services tax, taxpayers have been discharging their duties by complying with the requirements of the GST Act.
Registered Businesses need to be ready with the input and output tax reconciliation and prepare and file an annual return. The law also prescribes an independent audit under GST when the taxpayer’s turnover exceeds Rs. 2 Crore. GST laws also prescribe for special audit by a Chartered Accountant or Cost Accountant on a need basis. APPA & ASSOCIATES offers an experienced team of Chartered Accountants to carry out GST audit services in Ahmedabad.
What is GST audit
The basic purpose of auditing under GST is to make sure that the ITC refunds availed and claimed, taxes paid, and the turnover is in line with the one claimed by the company. An audit under GST involves inspection of records, returns, and documents furnished by your firm. The GST audit is undertaken to evaluate whether the business is run in compliance with the GST guidelines and provisions.
INTERNAL AUDIT SERVICES
Companies sometimes bear the misconceptions that getting audited is something they should try to avoid until and unless it’s a governmental or statutory obligation.
When it comes to an internal audit, it is often neglected by companies for want of legal obligation or lack of time and resources. But when the management tries and understands the importance and underlying objective of getting internal audits, and all the benefits it offers, the process of internal audit becomes more valuable and pleasant. APPA & ASSOCIATES provides the most precise and best quality internal audit service in Ahmedabad, and here is everything you need to know about our internal audit services.
What is internal audit
Internal auditing is aimed at evaluating the company’s internal control framework, corporate governance mechanism, compliance with laws, accounting processes to ensure accurate and timely financial reporting, operational efficiencies, and safeguarding of assets. Internal audit aids the organization in accomplishing all its strategic missions and objectives by introducing a systematic and disciplined approach and methodology to improve risk management, governance policies and brings compliance to rules and regulations. It provides necessary confidence to the management that the company can meet the demands of the ever-changing external environment.
STATUTORY AUDIT SERVICES
Along with the globalization and ever-increasing regulatory requirements, companies need to be dynamic and transparent in the business to create a trustworthy image in the minds of stakeholders.
The financial statements of the company should provide the required clarity, quality, and create an environment of trust in the mind of readers. The statutory auditors at APPA & ASSOCIATES possess a thorough knowledge of regulatory requirements, business challenges, and technical knowledge of local and international accounting and auditing standards to provide the top class statutory audit services in Ahmedabad. We believe in adding value by carrying out auditing in accordance with the regulatory requirements in a free and fair manner to bring transparency into the financial statements of the companies through our external audit services in Ahmedabad.
WHAT IS STATUTORY AUDIT
Statutory audit, also known as external audit, is a type of audit that is mandated by a specific statute or law to make sure that the financial statements of the entities represent a true and fair view of its state of affairs and profitability. Statutory audit is governed by the Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014.
The scope of the statutory audit mainly depends upon the guidelines and regulations set by the government. The financial statements and the accounts of the organization are scrutinized to avoid discrepancies or any possible misrepresentation and ensure reliability.
INFORMATION SYSTEM AUDIT SERVICES
The world of business is very dynamic.
Every company has started to become aware of the need for robust information technology in today’s densely networked business world. Therefore, information technology needs security from both internal and external threats. To safeguard this valuable intellectual property, every company must get the information system audit (IS Audit) done regularly and carefully from experienced IT auditors. As the demand for IS Audit/IT audits is on a surge for them to address the changing requirements and demands of business these days, it is high time you must get your information systems Audit done from our experienced IS auditors.
WHAT IS INFORMATION SYSTEM AUDIT
Information system audit or information technology audit can be defined as a process of evaluating and collecting evidence from the information technology, operation, and system of the organization to align them with the corporate vision, mission, and goals. It encompasses the evaluation and review of the information processing system, interfaces, and other non-automated processes of an organization.
APPA & ASSOCIATES adopts a risk-based audit approach and performs a thorough risk assessment before starting with the information system audit. A risk-based IS auditing approach allows our IT auditors to decide the degree of reliance they can place on internal controls while performing their information technology audit.
MANAGEMENT AUDIT SERVICES
The business environment is continually changing, and with the increased competition, it has become necessary for businesses to focus on managing the business with the utmost care and dynamism.
A business suffers from various risks, including business risk, operational risk, system risk, and financial risk. All these risks have to be appropriately identified, ranked and managed to stay competitive in the current environment. Risk management and operational efficiencies are the two aspects that can make or break a company. Proper internal controls have to be designed, implemented, and monitored to ensure top-notch performance. Our auditors at APPA & ASSOCIATES helps management by advising them on various aspects to improve the overall performance of the company. We provide management audit services where we conduct risk assessment studies, design internal control, implement management information systems, and ERP systems to ensure that the organizational goals are achieved. As the management of businesses is getting more and more complex, it gets even more important to get expert advice from the ones who are the best in business.
WHAT IS A MANAGEMENT AUDIT
Management audit is a systematic examination, appraisal, and analysis of management’s overall performance. It involves a comprehensive examination of structures, components of various departments of the organization, analyzing plans and policies, operating procedures and internal control, and how the organization uses its physical and intangible human resources.
It provides a clear, independent, and comprehensive review of the functional efficiency of the organization and improvement opportunities.
Our management audit service is highly customizable to meet your unique needs. We assist you in managing your key business challenges, be it achieving your organizational goals and objectives, meeting operational issues, complying with laws, or providing information that aids in decision making.
TAX AUDIT
Tax audit is an independent review of books of accounts of an entity by auditors required under the Income Tax Act, 1961.
Tax auditing and filing tax return on time with transparency and clear records is an important task for any assessee which is subjected to audit. To achieve this, one needs an independent tax auditor to carry out the task. APPA & ASSOCIATES is your best option and trusted confidante when it comes to us, our team of experienced and dedicated auditors will provide value-added services to your accounts. We truly understand the sensitivity and importance of tax for the companies and other assessees, and we make sure we keep top-level of ethical standards and top-notch quality in our services.
Our team of auditors at APPA & ASSOCIATES is in this profession for decades, and they have undertaken tax audits for several companies, whether small, medium, or large.
WHAT IS TAX AUDIT?
Section 44AB of the Income Tax Act 1961 requires that if the annual gross turnover or receipt of the company exceeds a specified limit, then it must get its accounts audited by a chartered accountant. The chartered accountant provides his findings and observations in his tax audit report in Form numbers 3CA/3CB and 3CD.